News and Updates

Application Deadline for Small Business Capitalization Program Extended

Eligible small business owners have until Oct. 11 to apply

Post Date:10/04/2017 2:30 AM

It’s not too late to apply for Asset Builders of Southwest Louisiana’s Small Business Capitalization Program.

While the program officially kicks off on Oct. 10, the application deadline for small business owners to apply has been extended until Oct. 11.

The program was designed to help existing business owners capitalize on their investments.

Those eligible for the program are small business owners in the five-parish area who meet the following criteria: Must live in Allen, Beauregard, Calcasieu, Cameron, or Jeff Davis parishes; must be one year active in business; must have a business banking account, EIN, Schedule C (if applicable), and occupational license (if required by their local government); and must attend a program orientation.

If accepted into the program, small business owners would open IDAs to capitalize on existing businesses. IDAs are savings accounts that match the deposits of participants - up to a pre-determined maximum. The match program can be as brief as six months or as long as two years. First Federal Bank and JD Bank are the banking partners in this initiative.

Apartnership of the Police Jury’s Human Services Department, Project Build a Future, United Way of Southwest Louisiana, Calcasieu Habitat for Humanity, the Lake Charles North Redevelopment Authority, the Southwest Louisiana Economic Development Alliance, and the Louisiana Small Business Development Center at McNeese, the new initiative is being partially funded through the Calcasieu Parish Public Trust Authority and other local agencies. Matches are handled through a federal Individual Development Account (IDA) run by Asset Builders of Southwest Louisiana and a partnering bank.

‎“The LCNRA (Lake Charles North Redevelopment Authority) considers the Business Capitalization Program a promising outreach to small, emerging business owners…who aspire to take their enterprise to the next level of success. Effective management planning, capital investments, and a supportive business network are key ingredients to growing successful businesses,” said Dr. Kathleen Dorsey Bellow, LCNRA director.